Firstpost spoke to him on the likely impact of demonetisation on consumers and India's switchover to cashless economy. Ringquist talks about how the US took time to go fully cashless and the changes it brought about in the economy and consumer behaviour. It took a long time for the US in terms of penetration and comfort to accept other modes of payments than cash. When these kinds of changes happen, or when there is uncertainty, consumers decide to save and wait.